Binance Quiet Compliance Shift Raises Concerns Over Crypto Crime Enforcement

Binance's recent shift towards quiet compliance has raised concerns that it may be making it more difficult for authorities to fight crypto crime.

A new report suggests that Binance's efforts to improve its anti-money laundering (AML) and know-your-customer (KYC) measures have led to a decrease in the exchange's transparency, potentially hindering law enforcement's ability to track illicit activities.

The report highlights that Binance has been withdrawing large sums of cryptocurrency from its platform to cold wallets and DeFi protocols, with one notable instance being Chun Wang, co-founder of Bitcoin mining giant, who withdrew 91,945 ETH ($160M) and 973 WBTC ($61M) in May and June.